CUNA stands ready to work with legislators to see regulatory relief enacted into law, and the CHOICE Act is a good first step, CUNA wrote to House Financial Services Committee leadership Tuesday. The letter was sent in advance of Wednesday’s hearing on Chair Jeb Hensarling’s (R-Texas) CHOICE Act.
“The legislation includes several provisions that would make it easier for not-for-profit credit unions to more fully serve their members by reducing regulatory burden and balancing a regulatory scheme that today is rigged for large banks and nonbank financial service providers,” wrote CUNA President/CEO Jim Nussle. “However, it also includes several provisions that perpetuate the rigged aspect of this system, including provisions that exempt nonbank providers from federal supervision and allow large banks to circumvent well established caps on market share.
“We understand the process for producing regulatory reform legislation is long and the Committee’s consideration of this legislation represents the first step, not the last,” Nussle added. “We support the process the Committee is engaged in and as this and other legislation moves through the process, we will work with the House and the Senate to ensure the legislation ultimately enacted into law meaningfully reduces credit unions’ regulatory burden and maintains important consumer protections.”
Nussle urged credit unions to take advantage of congressional attention on financial regulatory relief, last week. He told stakeholders to use CUNA’s Campaign for Common-Sense Regulation resources to tell policymakers to support regulatory relief.
CUNA supports the following provisions in the CHOICE Act:
CUNA has concerns with provisions that would allow federal savings association to operate as national banks, bring NCUA under the appropriations process and others.
CUNA also requested the following proposals be included in the bill:
Additional information on CUNA’s analysis of the nearly 600-page CHOICE Act can be found at CUNA’s Removing Barriers Blog.